Question: Mark McClennan signed a simple discount note for $2,950 for 100 days at a rate of 8.5%. Find the effective interest rate based on the

Mark McClennan signed a simple discount note for $2,950 for 100 days at a rate of 8.5%. Find the effective interest rate based on the proceeds received by McClennan. Question 23 options: 8.8% 8.5% 8.6% 8.7%

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